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AMD gets a new COO, stock hits 16 year low

10-24-2008, 04:14 AM

Thursday, October 23, 2008 16:58
AMD today promoted its executive vice president and chief financial officer Bob Rivet, 54, to the position of chief operating officer. Emilio Ghilardi, senior vice president and general manager of sales for Europe, Middle East and Africa (EMEA), will assume the role of chief sales officer at the beginning of 2009.

Rivet, who has been CFO for AMD since he joined the company back in 2000, will ?assume expanded responsibilities for more of AMD?s key centralized functions, including the company?s supply chain, human resources, and information technology organizations.? He will remain CFO until a ?replacement is announced? AMD said.

Ghilardi joined AMD earlier this year from HP, where he most recently served as the vice president and general manager of HP?s EMEA Consumer Business Unit. He replaces Gustavo Arenas.

Meanwhile, AMD?s stock continued its decline, hitting its lowest level since January 1991, translating into a 16+ -year low. The company?s market capitalization has been trending down since January 2006 when the stock traded above $40. AMD?s market capitalization after market close on Thursday was $1.99 billion.